This is one of those topics where your run is May-May. If I were in your place, I would start with a bit of research on Wikipedia, and then put together the tools for some tests and benchmarking. The format of the original video is likely to affect the overall encoding speed, so you should test the video that you intend to use in the production system.
Video encoding time can vary greatly depending on the equipment used and whether an accelerator card is used, etc. It is difficult for us to make any tough and quick recommendations without explicit knowledge of your specific setting.
The only way to make such decisions is to test these things yourself. I did the same when comparing virtualization tools. This is fun too!
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